The company said revenue for Q1 2024 fell $4.7 billion from a year earlier, and operating income declined $2.4 billion to $1.7 billion from $4.0 billion. It cited lower selling prices for products sold by its Refining segment as the main reason for the revenue decline.

1. 01

   The company said revenue for Q1 2024 fell $4.7 billion from a year earlier, and operating income declined $2.4 billion to $1.7 billion from $4.0 billion. It cited lower selling prices for products sold by its Refining segment as the main reason for the revenue decline.

2. 02

   Valero said Refining segment margin for Q1 2024 decreased $2.4 billion from a year earlier. It cited unfavorable impacts of approximately $705 million from lower distillate margins and approximately $577 million from lower gasoline margins as the main drivers.

3. 03

   The company said it used operating cash flow of $1.8 billion, debt borrowings of $1.4 billion and cash on hand of $507 million in Q1 2024 to fund $637 million of investments, repay $1.7 billion of debt and finance lease obligations, and return $1.4 billion to stockholders.

4. 04

   The company said it repurchased 6,633,843 shares for a total of $1.0 billion as treasury stock in Q1 2024. It also said that as of March 31, 2024, the remaining capacity under its September 2023 Program was $1.2 billion. In addition, it said its board approved, on February 22, 2024, an additional repurchase authorization of up to $2.5 billion with no expiration date.

Key figures

Quarter ended March 31, 2024

Revenue

$31.8B

Operating income

$1.7B

Net income

$1.2B

EPS

$3.75

Operating cash flow

$1.8B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.